Global Renewable Energy Market- By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy), By End Use (Residential, Commercial, Industrial, and Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2020-2027.
Global Renewable Energy Market Overview:
Renewable energy refers to non-fossil energy such as wind energy, solar energy, water energy, biomass energy, geothermal energy, ocean energy, etc. It is an inexhaustible energy source that will be exhausted from non-renewable energy is harmless or minimally harmful to the environment, and the resources widely distributed, suitable for local development and utilization.
Global Renewable Energy Market Insights
The global Renewable Energy market has the potential to grow with USD 1600 billion with historical CAGR in the forecast period from 2020-2027. Due to the rising emission of greenhouse gases, the limited presence of fossil fuels and the increasing price of oils is contributing to the increasing demand for renewable energy.
In recent years, due to the warning signs about climate change to humans, governments of various countries have been thinking about how to reduce carbon and energy. To reduce dependency on fossil energy, some countries are shifting to nuclear power generation to achieve carbon reduction and low cost.
Moreover, most of the energy we use, such as electricity, comes from the conversion of fossil fuels, including natural resources such as coal, oil, and natural gas. Renewable energy is an energy that replaces fossil fuels for us. Renewable energy refers to the infinite power, that is, the problem of no reserves being exhausted. The energy that will not deplete in a lifetime. There are several main types of renewable energy, including solar energy, wind power, tidal energy, and geothermal energy.
Furthermore, Solar photovoltaic power generation refers to a facility that uses the photovoltaic effect of photovoltaic semiconductor materials to convert solar energy into DC power. In addition to generating electricity, people will also use solar energy for other purposes such as water heaters, which use the energy contained in sunlight to heat water usually installed with photovoltaic systems. Salt fields also use solar energy to evaporate seawater to obtain sea salt.
Additionally, electricity generated from renewable energy accounted for 22.8%. However, in addition to generating electricity, renewable energy can also be converted into other energy sources. Power has excellent potential for development. It believes that renewable energy will ban fossil fuels as the primary energy source for people in the future.
Growth Driver
Achieving Sustainable development
The development and utilization of renewable energy is the essential requirement for implementing the scientific development concept, building a resource-saving society, and achieving sustainable development. Adequate, safe, and clean energy supply is the basic need for economic growth and social progress.
Clean and Environment-friendly method
Renewable energy is clean and environmentally friendly, and the development and utilization process does not increase greenhouse gas emissions. The development and utilization of renewable energy have a significant role in optimizing the energy structure, protecting the environment, reducing greenhouse gas emissions, and coping with climate change.
By Type Segmental Analysis
Based on the type, the global renewable energy market categorized into Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy. The hydroelectric power segment accounted for the largest share in the global renewable energy market. Hydroelectric is converted into electrical energy using the potential energy of water power generation, which is the use of water level drop flow under gravity kinetic energy. Generating electricity using the gravity of flowing water is called hydropower. The severity of the water used to rotate the turbine. The turbine drives the magnets in the rotating generator to generate electricity. Water energy also classified as renewable energy. It is one of the oldest, cheapest, and simplest power generation technologies.
Moreover, hydroelectric power is as clean and green as nuclear energy and biomass energy. These power plants do not use or release fuel, so they do not emit any greenhouse gases. Also, it considers being renewable energy because it uses the earth’s water to generate electricity. Water is circulated back to the ground in a natural form without any pollution. Hydroelectric power considered a cost-effective method as, despite the substantial construction costs, hydropower is a cost-competitive energy source due to its maintenance, and operating costs are meager.
By End-User Segmental Analysis
Based on the end-user, the global renewable energy market classified into Residential, Commercial, Industrial, and Others. The Industrial segment has dominated the largest share in the global renewable energy market. It is mainly owing to the rise in the level of pollution, emerging industrialization, increasing need to reduce the use of fossil fuels due to its increasing scarcity. Moreover, renewable energy is endless and does not affect the environment. Therefore, the industrial segment is bolstering the market demand for the global renewable energy market.
By Region Segmental Analysis
Based on geography, the global renewable energy market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific region is dominating the market share of the global renewable energy market. Significant factors contributing to the growth of the renewable energy market include emerging investment in building renewable energy plants, rising industrialization. Additionally, emerging demand for sustainable energy and the adoption of renewable energy by replacing fossil fuels are bolstering the market share of the global renewable energy market.
Competitor Analysis
Companies such as ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA, Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd., ENERCON GmbH and others are key players in the global renewable energy market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global renewable energy service companies
- Research organizations and consulting companies’ renewable energy
- Regulatory bodies
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
By End-Use
- Residential
- Commercial
- Industrial
- Others
By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
Global Renewable Energy Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- Global Renewable Energy Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
- By End-Use
- Residential
- Commercial
- Industrial
- Others
- By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type
- Demand
- Market Size & Forecast, 2016-2027
- Europe Renewable Energy Market Overview
- Europe Renewable Energy Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Europe Renewable Energy Market Share & Forecast, 2016-2027
- By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
- By End-Use
- Residential
- Commercial
- Industrial
- Others
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Renewable Energy Market
- By Type
- Demand
- Europe Renewable Energy Market Size & Forecast, 2016-2027
- North Renewable Energy Market Overview
- North America Renewable Energy Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- North America Renewable Energy Market Share & Forecast, 2016-2027
- By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
- By End-Use
- Residential
- Commercial
- Industrial
- Others
- By Country
- US
- Canada
- Mexico
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Renewable Energy Market
- By Type
- Demand
- North America Renewable Energy Market Size & Forecast, 2016-2027
- Asia Pacific Renewable Energy Market Overview
- Asia Pacific Renewable Energy Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Asia Pacific Renewable Energy Market Share & Forecast, 2016-2027
- By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
- By End-Use
- Residential
- Commercial
- Industrial
- Others
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Renewable Energy Market
- By Type
- Demand
- Asia Pacific Renewable Energy Market Size & Forecast, 2016-2027
- South America Renewable Energy Market Overview
- South America Renewable Energy Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- South America Renewable Energy Market Share & Forecast, 2016-2027
- By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
- By End-Use
- Residential
- Commercial
- Industrial
- Others
- By Country
- Brazil
- Argentina
- Rest of South America
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Renewable Energy Market
- By Type
- Demand
- South America Renewable Energy Market Size & Forecast, 2016-2027
- Middle East & Africa Renewable Energy Market Overview
- Middle East & Africa Renewable Energy Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Middle East & Africa Renewable Energy Market Share & Forecast, 2016-2027
- By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
- By End-Use
- Residential
- Commercial
- Industrial
- Others
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Renewable Energy Market
- By Type
- Demand
- Middle East & Africa Renewable Energy Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- ABB Ltd.
- General Electric (GE)
- The Tata Power Company Limited (Tata Power)
- Innergex, Enel Spa (Enel)
- Xcel Energy Inc. (Xcel Energy)
- EDF
- Geronimo Energy
- Invenergy
- ACCIONA
- Vestas Wind Systems A/S
- UpWind Solutions, Inc.
- Senvion S.A.
- Sinovel Wind Group Co., Ltd.
- ENERCON GmbH
- Other players